Caesars’ EBITDA Bridge: $34 Million of Gains Met a $36 Million Vegas Drop
Caesars Digital and the regional casinos added $34 million of adjusted EBITDA between them in the third quarter. Las Vegas lost $36 million on the same measure. Before counting anything else, the two improving segments had already been outweighed by one declining segment.
The figures come from Caesars Entertainment’s October 27 results for the three months ended September 30, 2026. Adding the changes in its segment table provides a direct explanation of why consolidated adjusted EBITDA fell even as Digital’s result rose 57.1%. This is an analysis of that September quarter, rather than a new November trading update.
The five-part bridge
All figures below are millions of dollars of adjusted EBITDA. The change is calculated by subtracting the 2025 figure from the 2026 figure.
| Segment | 2026 | 2025 | Change |
|---|---|---|---|
| Las Vegas | 343 | 379 | -36 |
| Regional | 524 | 506 | +18 |
| Caesars Digital | 44 | 28 | +16 |
| Managed and Branded | 17 | 18 | -1 |
| Corporate and Other | -63 | -47 | -16 |
| Total | 865 | 884 | -19 |
The corporate line is negative in both years. Moving from minus $47 million to minus $63 million reduces the total by another $16 million; it is not an increase in earnings just because the absolute number is larger. Managed and Branded accounts for the remaining $1 million decline.
Together, the five changes equal minus $19 million, matching the movement from $884 million to $865 million in the consolidated row. Digital’s improvement is real within this table, but it is too small to describe the group on its own.
A bridge to EBITDA, not to net profit
This arithmetic keeps one measure throughout. It should not be used to explain the net loss by mixing in segment revenue or the amount customers wagered. Caesars reports a $123 million net loss attributable to the company, compared with $55 million a year earlier.
Digital’s own net income was $4 million, whereas its adjusted EBITDA was $44 million. Caesars defines the latter as a supplemental non-GAAP measure, excluding interest, taxes, depreciation and amortisation as well as other adjustments. Its release supplies a reconciliation and warns that other companies may calculate similarly named measures differently.
Why the revenue headline looks flat
There is a separate rounding issue in the summary: both years’ group revenue are displayed as $2.9 billion. The detailed totals are $2.940 billion and $2.869 billion, a $71 million or 2.5% increase. That growth does not change the EBITDA bridge or turn the net loss into a profit.
Our MGM Q3 coverage also keeps the reporting scope and comparison basis attached to each result. For Caesars, the segment bridge is the clearest answer to the digital-growth puzzle: $34 million of gains, $53 million of reductions elsewhere, and a $19 million net decline in adjusted EBITDA.